Libby Pardon On The Way?

I'm at the Capitol building in Washington right now, and rumors are flying that Scooter Libby is about to be pardoned. Of course, this is Washington and it's July, so it could well be idle gossip, but I'll be updating if I hear anything more.

UPDATE: A Senate staffer confirms to me that Bush has commuted Libby's sentence.

UPDATE 2: It's up on Drudge and the AP wire now. Bush left the $250,000 fine intact.

UPDATE 3: In a statement, Bush says that "I have concluded that the prison sentence given to Mr. Libby is excessive."